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Small Business Secrets

News: Business owners know the importance of branding but won’t invest

Image courtesy of Qualitystockphotos/Kozzi

New research has revealed the promising statistic that 84% of small business owners understand the importance of unique branding.

In the study of over 500 small business owners, 93% said it’s more important than ever to have a unique brand image that differentiates them from the competition. More than half (51%) said branding is critical to attracting new customers.

Despite this positive attitude, however, it seems that many small businesses are holding back on their branding.

The vast majority of small business owners (86%) admitted they do not use third party experts for their branding needs. More than a third (36%) admitted they are interested in expanding their brand, but simply don’t know where to start.

Athena Varmazis from American Express Canada, which carried out the research, said “It is surprising to see that the majority of SBOs aren’t investing in the necessary third party resources to help them develop and refine their brand. Branding plays a significant role in the overall success of their business and shouldn’t be taken lightly by business owners.”